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Safety questions at forefront after fiery oil train derailment in North Dakota

January 2, 2014 Dave Kolpack and James MacPherson, THE ASSOCIATED PRESS

CASSELTON, N.D. – A fiery oil train derailment’s near-miss of a small North Dakota town had its mayor angrily calling for federal officials to do more to guarantee the safety of the nation’s growing shipment of oil by rail. Government

Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction
Feature Catastrophes

Icy Finish

January 1, 2014 Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction

It looked like Canada’s natural catastrophe story for 2013 was just about told when the ice storm mere days before the year’s close added the chapter, “It ain’t over till it’s over.” Some day, there will be another major wind or ice storm, demanding that discussions begin now about how much should be spent to guard against what may amount to fairly rare events.

News CatastrophesInsurance

$31 million in insured losses from summer earthquakes in central New Zealand

December 19, 2013 by Canadian Underwriter

Total insured losses from the central New Zealand earthquakes this past July and August was $31.1 million (all figures in New Zealand dollars), the Insurance Council of New Zealand (ICNZ) reported Thursday. Most damaging was the Aug.16 earthquake, accounting for

News CatastrophesInsurance

Dynamic political risk increasing in Middle East, improving in other growth markets

December 17, 2013 by Canadian Underwriter

Instability as a result of the “Arab Awakening” has increased the level of dynamic political risk for foreign investors in the Middle East and North Africa a significant amount, according to the 2014 Marsh-Maplecroft Political Risk Map. In the MENA

News CatastrophesInsurance

Rail traffic set to resume in Lac Megantic on Wednesday

December 17, 2013 THE CANADIAN PRESS

LAC-MEGANTIC, Que. – Rail traffic is set to resume in Lac-Megantic on Wednesday, five months after a runaway train carrying crude oil derailed, exploded and killed 47 people. Mayor Colette Roy-Laroche says service will return on a gradual basis and

News CatastrophesInsurance

Canadian Underwriter, AIR Worldwide partner for earthquake risk webinar

December 16, 2013 by Canadian Underwriter

Canadian Underwriter magazine and catastrophe modelling firm AIR Worldwide have partnered to offer a webinar on seismic risk in Canada. The webinar, Canada Earthquake Risk: From Science to Compliance, will also focus on the role that catastrophe models play in

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Public comment begins on $627 million in environmental restoration projects in Gulf of Mexico funded by BP

December 13, 2013 by Canadian Underwriter

The United States National Oceanic and Atmospheric Administration (NOAA) recently announced it is taking comments from the public on proposed US$627 million plan, to be funded by BP Exploration and Production Inc., towards 44 restoration projects to address losses caused

News CatastrophesInsurance

San Francisco airline crash highlights issues with cockpit culture

December 12, 2013 Stephen Braun and Martha Mendoza, THE ASSOCIATED PRESS

WASHINGTON – The investigation into the crash-landing of an Asiana Airlines flight at San Francisco’s airport last summer has highlighted problems with cockpit culture and the trainee pilot’s lack of confidence in his ability to safely land the Boeing 777.

News CatastrophesInsuranceMergers and Aqcuisitions

Vancouver gets updated earthquake preparedness plan

December 4, 2013 by Canadian Underwriter

The city of Vancouver now has an updated earthquake preparedness plan, which uses lessons learned from major overseas disasters. City Council received a staff report Tuesday outlining 56 actions to improve Vancouver’s preparedness for a major earthquake event. Read more:

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Adherence to polluter pays principle should remain at the core of Canada’s preparedness, response to oil spills

December 4, 2013 by Canadian Underwriter

Ensuring Canadian taxpayers do not bear any liability for tanker oil spills in Canadian waters – adhering to the polluter pays principle – are among the key assumptions underpinning recommendations for improving the country’s preparedness and response to ship-source oil

News CatastrophesInsuranceMergers and Aqcuisitions

California company offers discount for homeowners who buy earthquake insurance coverage

December 3, 2013 by Canadian Underwriter

The Automobile Club of Southern California has announced what it says is the first-ever homeowners insurance discount for policyholders who obtain earthquake coverage through the California Earthquake Authority. Beginning Jan. 1, the Auto Club is offering a discount of up

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Consistent profitability ‘eludes’ American home insurance carriers: A.M. Best

December 3, 2013 by Canadian Underwriter

Homeowners insurance is frequently unprofitable for United States carriers and but those who  use tools such as exposure mapping software and “more rigorous property inspections” can manage their risk exposures better, suggests a new report from credit rating provider A.M.